Non-ferrous metals prices on the London Metal Exchange (LME) fell up to 3% w-o-w. The dollar index, which measures the currency’s value against a basket of six different currencies, was at 104.64, almost firm compared with the previous week.
The domestic non-ferrous metals markets witnessed a period of subdued activity over the past week, as trading came to a standstill ahead of the Holi festival. As reduced volumes of metals were traded and spot transactions dried up, prices remained mostly stable or trended down.
The stocks of all the key non-ferrous metals at LME-registered warehouses aluminium and nickel) declined up to 2.9% w-o-w, whereas other metal stocks increased by upto 9.4%.
Japanese aluminium premium rises
Major Japanese aluminium ingots producers have offered a 47-71% increase in aluminum premiums for the April-June period, with prices ranging from $125-$145 as against $85/t for January-March shipments. The increase can be attributed to rising premiums outside Japan. However, the supply and demand environment remains weak and port inventories are still high.
Aluminium scrap prices rangebound
Aluminium scrap prices in India remained firm w-o-w. Sources informed that the lack of buying interest during the week resulted in moderate transactions.
SteelMint’s assessment for tense scrap stood at INR 161,000/t, utensil at 172,000/t, extrusion at INR 178,000/t, all stable w-o-w. However, taint tabor prices were assessed at INR 165,000/t, down INR 1,000/t w-o-w. LME stocks fell 16,325 t w-o-w.
Copper scrap prices inch down
Copper armature scrap prices in India declined w-o-w settling at INR 702,000/t ($8,559/t) ex-Delhi. The decrease in prices is mainly due to slowing down of buying inquiries amid the Holi holidays. Consequently, market sentiments were affected resulting in a drop in prices.
Primary wire rods prices fell by 3% w-o-w to INR 770,000/t ($9,388/t) and LME stocks rise 1,175 t w-o-w.
Zinc prices fall, lead firm
Domestic special high-grade (SHG) zinc ingots prices inched down by 3% w-o-w to INR 266,000/t ($3,243/t) exw-Delhi on limited demand. Prices of domestic remelted lead ingots and refined lead ingots remained firm.
Zinc stocks on the LME rose 3,300 t w-o-w, while lead stocks up 300 t.
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